In the US, 50 percent of all marriages will end in divorce. The
numbers are even higher among those over 50 at about 67 percent. Getting
a divorce is extremely stressful especially if there are children
involved. But the most devastating by product of divorce is the
financial burden it can cause. Ironically, the number one cause for
divorce is financial problems. Those problems are magnified tremendously
during and long after the divorce is final.
Let’s take a look at five of the most common ways a Michigan divorce can turn your finances upside down.
#1 – Divorce Affects Finances Differently For Women
According to research conducted by Utah State University,
a woman is more likely to suffer overwhelming financial problems after a
divorce especially if she has children. That’s because five out six
children will end up living with their mother after a divorce. The
mother now has to rely on just one household income instead of two. The
Utah study also found that three out of four women do not get the full amount of court ordered child support.
Unfortunately, in many households the husband earns more than the wife.
Once divorced her income is simply not enough to pay for everyday
expenses, bills and full time care of children.
#2 A Michigan Divorce Can Cause Problems With The IRS
Another area that is overlooked when seeking a divorce is the
possible tax issues after the divorce is final. Couples involved in a
divorce are so tied up emotionally neither thinks about which parent
will get the tax exemptions for dependent children.
If you ever watched one of the many reality court shows, there’s no
doubt you’ve seen a divorced parent suing an ex spouse because one filed
as head of household when the other believes they had that right to do
so. In the end, the IRS will go after one or both and with interests and
penalties added on it can quickly become a long expensive financial
battle that can take years to settle.
#3 Michigan Divorce & Spousal Support
This is an area of divorce that can vary wildly. The amount one may have to pay in spousal support
depends on a number of factors, but if alimony is ordered it’s not
unusual to end up paying as much as 50 percent of your income to your
ex-spouse.
#4 Credit Card Debt
In most cases, all debts created during the marriage will be divided between both parties. However, there have been cases where
unsuspecting spouses going through a divorce are often blindsided by a
mountain of credit card debt they didn’t even know existed. One spouse
goes out and runs up a huge credit card bill while going through the divorce process. The other spouse often ends up having to take responsibility for paying off at least 50 percent of that debt as well.
#5 Macomb County, Michigan, Legal Fees
The amount you will pay to file for divorce varies depending on
several factors. For example, if the divorce is not amicable, meaning
you and your soon to be ex disagree on several issues, the costs to
settle your divorce can increase quite a bit.
The decision to get divorced often happens during times of extreme
emotional stress which can lead to costly mistakes. If you are thinking
of filing for divorce, seek the advice of a Michigan divorce lawyer to
explore the best options for your situation. Contact Femminineo
Attorneys, PLLC to schedule your free initial consultation.
Femminineo Attorneys
Michigan Divorce Help
110 S Main St #200
Mt Clemens, MI 48043
United States
(586) 954-9500
http://www.michigandivorcehelp.com/
